Bitcoin holds near $88,000 as Fed pause, weak ETF flows weigh on $2.98T crypto market

Bitcoin hovered near $88,000 after the Federal Reserve held rates steady, as macro caution and muted ETF flows weighed on sentiment, pushing the global crypto market cap down to $2.98 trillion. On Thursday, Bitcoin was trading around $88,154.

In the past 24 hours, Bitcoin slipped 0.9%, while Ethereum fell 1.59% to $2,955. Among major altcoins, XRP, Solana, Dogecoin, Cardano, and Hyperliquid dropped over 6%, whereas BNB and Tron edged higher by 0.12% and 0.38%, respectively.

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The global crypto market capitalisation edged down 1.03% to $2.98 trillion, according to CoinMarketCap.

Riya Sehgal, Research Analyst, Delta Exchange, said the global crypto market cap fell 1.2% to $2.98 trillion, led by Bitcoin’s drop below $88,000 amid low liquidity and cautious sentiment.

“Fed Chair Jerome Powell noted an improving outlook but gave no signal of policy easing. Traders now see about a 60% chance of a June rate cut. The dollar’s weakness offered limited support to risk assets, including crypto. For now, crypto markets appear locked in consolidation-active, but waiting for a decisive macro or technical catalyst,” Sehgal further said.

Ethereum and Bitcoin dropped 2.17% and 1.98%, respectively, in the past week. In the same period, among the major altcoins, XRP, Solana, Tron, Dogecoin, and Cardano fell by over 5%

whereas BNB and Hyperiquid rose 0.79% and 45.33% respectively.

Vikram Subburaj, CEO, Giottus, said Bitcoin traded defensively on January 29 and hovered in the high-$80,000 zone, and macro caution and muted ETF flows continued to weigh on sentiment.

ETF flows offered little support during the January 28-29 window. Provisional data from primary trackers showed no confirmed net inflows. There was a notable outflow of roughly $150 million on January 27. This hints at a fragile institutional appetite at current levels, Subburaj added.

Market perspective

Akshat Siddhant, Lead Quant Analyst, Mudrex

While the decision to keep rates unchanged was expected, caution around future rate cuts and tariff-led inflation weighed on sentiment.

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CoinSwitch Markets Desk

From a technical perspective, $90K remains key resistance, with a sustained break required to unlock upside toward $91K–$92K, while $89K continues to act as strong near-term support, where buyers have repeatedly stepped in.

Nischal Shetty, Founder, WazirX

Total market capitalisation rose 2.2% to $3.12 trillion, with broad participation across assets. Trading volumes remained steady at around $128 billion, indicating healthy market activity.

Global macro conditions continue to influence crypto markets. A weaker U.S. dollar and record highs in gold are driving interest toward scarce assets such as Bitcoin. However, ongoing ETF outflows and broader economic uncertainty are keeping risk appetite measured.